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MADERAS Y SINTETICOS S.A REPORTS RESULTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1993

 SANTIAGO, Chile, Nov. 4 /PRNewswire/ -- Maderas y Sinteticos S.A. -- MASISA -- (NYSE: MYS) today announced its consolidated financial results stated in Chilean GAAP (accounting for inflation and in pesos of constant value) for the nine months ended September 30, 1993 (highlights of Masisa's unconsolidated figures were released on October 29, 1993).
 --Sales increased 15.45 percent to CH$28.4 billion compared to CH$24.6 billion in the comparable nine month 1992 period.
 --Operating income increased 13.76 percent to CH$6.7 billion compared to CH$5.9 billion in 1992.
 --Net income increased 13.54 percent to CH$5.6 billion compared to CH$5 billion in the nine months of 1992.
 --Weighted earnings per ADS for the first nine months of 1993 were U.S.$0.685. The weighted average number of shares outstanding is 599,156,000. At September 30, 1993, the total numbers of shares outstanding was 683,901,609. One ADR is equivalent to 30 common shares.
 MASISA, which listed its American depositary receipts on the NYSE in June 1993, is the leading manufacturer in Chile of raw, melamine laminated and wood veneered particle board. The Company is also a leading Chilean producer of wood doors, plywood and complementary products such as molding, wood veneer, door frames, lumber and other related products.
 MASISA management said that its current capacity is 260,000 cubic meters (cbm) per annum which is split into three facilities in Chile. The ADR proceeds are being used for the construction of two new facilities. The first facility, in Valdivia, will account for 110,000 cbm and is expected to start producing by the end of next month. The second plant is a new facility under construction in Concordia, Argentina (250 miles north of Buenos Aires). This plant will have two production lines, one with the capacity of 150,000 that will start production in early May 1994; the second, with the capacity of 40,000 cbm which is expected to start producing in the last quarter of 1994. The total increase in capacity will be 275,000 cbm. Therefore, by the end of 1994, MASISA's total production capacity will be 535,000 cbm.
 CONSOLIDATED BALANCE SHEETS
 Adjusted for general price-level changes and expressed in millions of constant pesos as of September 30, 1993.
 Sept. 93 Sept. 92
 ASSETS
 Current Assets 32,613,8 26,835,6
 Fixed Assets 48,686,7 39,301,4
 Other Assets 14,701,8 1,252,4
 TOTAL ASSETS 96,002,4 67,389,3
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current Liabilities 5,740,8 9,480,1
 Long-Term Liabilities 10,803,4 8,991,7
 Minority Interest 91,6 729,8
 Shareholders' Equity 79,366,7 48,187,6
 TOTAL LIABILITIES 96,002,4 67,389,3
 CONSOLIDATED STATEMENTS OF INCOME
 Adjusted for general price-level changes and expressed in million of constant pesos as of September 30, 1993.
 Sept. 93 Sept. 92
 TOTAL SALES 28,434,1 24,629,5
 Cost of Sales (18,313,6) (15,373,6)
 GROSS MARGIN 10,120,6 9,255,8
 Sales, General & Adm. Costs (3,408,8) (3,353,8)
 OPERATING MARGIN 6,714,0 5,902,0
 Other Income 1,095,6 1,819,6
 Other Expenses (863,5) (983,6)
 Price-Level restatement (522,4) (847,6)
 TOTAL OTHER INCOME (EXPENSES)-NE (290,213) (11,5)
 Income Before Tax 6,423,8 5,890,4
 Income Tax (687,7) (801,7)
 Minority Interest (114,6) (137,6)
 NET INCOME 5,621,4 4,951,2
 CONSOLIDATED BALANCE SHEETS
 For illustrative purposes only, Chilean pesos have been translated to US$ at the observed exchange rate on September 30, 1993 US$1=CH$410.83. It should be noted that this is a free translation from Chilean pesos to US$ in Chilean GAAP.
 US$ Million
 Sept. 93 Sept. 92
 ASSETS
 Current Assets 79,4 65,3
 Fixed Assets 118,5 95,7
 Other Assets 35,8 3,0
 TOTAL ASSETS 233,7 164,0
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current Liabilities 14,0 23,1
 Long-Term Liabilities 26,3 21,9
 Minority Interest 0,2 1,8
 Shareholders' Equity 193,2 117,3
 TOTAL LIABILITIES 233,7 164,0
 CONSOLIDATED STATEMENTS OF INCOME
 For illustrative purposes only, Chilean pesos have been translated to US$ at the observed exchange rate on September 30, 1993 US$ 1=CH$ 410.83. It should be noted that this is a free translation from Chilean pesos to US$ in Chilean GAAP.
 US$ Million
 Sept. 93 Sept. 92
 TOTAL SALES 69,2 60,0
 Cost of Sales (44,6) (37,4)
 GROSS MARGIN 24,6 22,5
 Sales, General & Adm. Costs (8,3) (8,2)
 OPERATING MARGIN 16,3 14,4
 Other Income 2,7 4,4
 Other Expenses (2,1) (2,4)
 Price-level restatement (1,3) (2,1)
 TOTAL OTHER INCOME (EXPENSES)-NE (0,7) (0,0)
 Income Before Tax 15,6 14,3
 Income Tax (1,7) (2,0)
 Minority Interest (0,3) (0,3)
 NET INCOME 13,7 12,1
 -0- 11/4/93
 /CONTACT: Rony Obach, chief financial officer of MASISA, 011-562-683-7202, or Felicia Vonella of Dewe Rogerson, Inc., 212-688-6840/
 (MYS)


CO: Maderas y Sinteticos S.A. ST: IN: SU: ERN

LG-LR -- NY056 -- 0713 11/04/93 12:16 EST
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